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The International Chamber of Commerce (ICC) has established rules on documentary credits worldwide for more than 70 years. UCP 600, the latest version of ICC’s universally used rules on documentary credits, came into effect on July 1, 2007.
Members of the Drafting Group that developed the new UCP have produced an article-by-article Commentary on the rules. Commentary on UCP 600, which reflects the Group’s personal views, explains their rationale behind the changes in the rules and clarifies the general principles that underlie them.
The Drafting Group’s Commentary on UCP 600 examines each of the 39 articles of the new UCP. Each article and sub-article is analyzed under four different topics:-